Now Available
Our annual report on state fiscal health. Debt among the states improved slightly. Going from $1.2 trillion down to $938.6 billion.
What happened?
How did your state do? Read the full report below.
https://www.truthinaccounting.org/news/detail/financial-state-of-the-states-2023
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By Larry Lee, includes “The Speaker of the Wisconsin Assembly Robin Vos says there’s a downside to Wisconsin getting federal coronavirus relief. ‘We are really hampered by the ability to spend state dollars because it creates this maintenance-of-effort requirement for us to spend money in other areas of the budget.’ …”
Includes “Wisconsin earned a score of 80 out of a possible 100 points in a ranking by the Chicago-based policy institute Truth in Accounting (TIA), putting the state in a tie for 21st place among the 50 states. … In awarding the grades, TIA considered whether the state data was posted within 100 days of the end of the state’s fiscal year, … ”
PRESS RELEASE - FOR IMMEDIATE RELEASE
Truth in Accounting's twelfth annual Financial State of the States report, a nationwide analysis of the most recent state government financial information.
By Geoff Mulvihill, includes “The Pew Charitable Trust report credits a booming stock market over the past year as well as states’ longer-term steps, which include boosting taxpayer contributions to public pension funds and reducing promised retirement benefits, particularly to newly hired workers. … The health of public pension systems resonates beyond government employees.”
By Benjamin Yount (The Center Square), includes “One suggestion for how Wisconsin can spend the $5 billion it is receiving from the federal government. Give it to the people.”
By Mitchell Schmidt, includes “… Under cash modified accrual accounting, the method used by the state for balancing the budget, a credit card purchase in December wouldn't be logged as an expense until January, when the bill is due to be paid.”
Impeachment is easy. Governing is hard. That may be the lesson Democrats on Capitol Hill are about to learn as President-elect Joe Biden prepares to take office. … But the plan also includes a $350 billion bailout of state and local governments, many of them poorly governed and chronically in debt
Joe Biden, the crazy uncle who escaped from the attic long enough to get himself elected, is proposing massive subsidies for Blue States that are circling the drain.
Wisconsin’s split government could face the most challenging budget session in a decade next year as state spending is projected to exceed revenues by about $373.1 million — without taking into account Medicaid costs and new spending requests from state agencies, according to a new report.
Wisconsin State Superintendent of Schools Carolyn Stanford Taylor on Monday submitted a budget request for the Department of Public Instruction that is $1.4 billion larger than the current budget.
The 2020 Financial State of the States report surveys the fiscal health of the 50 states prior to the coronavirus pandemic. This data is released today by Truth in Accounting (TIA), a think tank that analyzes government financial reporting.
The thing about tipping points is that you never quite know where they are until you, well, tip.
Advent Tool & Manufacturing Inc., a manufacturer of high-precision tooling products, said Wednesday it will move its headquarters from Antioch, Illinois, to Salem Lakes in Kenosha County.
Regular readers will recall that I frequently promote the Wisconsin Retirement System as a model in which its shared-risk structure, along with sound governance in general, keeps the plan fully funded, year after year.
For 43 Wisconsin Republican lawmakers, the urge to bash Illinois and go on record against bailouts for state governments during the coronavirus pandemic was just too good to pass up.
Governor Scott Walker's administration says the current two-year state budget is expected to end with a $342-million surplus next June 30th. But for the next budget, state agencies have asked for $171-million dollars more than the funding that's expected to be available.
It is not surprising an Illinois politician finally put in writing what economists and financial watchdogs have been warning for years: That elected officials who failed to take seriously decades of fiscal warning bells in this state eventually would seek a bailout from the federal government.